The GOP Senate's tax reform plan is better for middle-class taxpayers than a House proposal, delivering bigger tax cuts, accordion to a report by the non-partisan Joint Committee on Taxation.
According to the analysis, people in the middle of the income spectrum, earning between $50,000 and $70,000, would see their taxes fall by 7.1 percent in 2019, Politico reported. Those earning between $20,000 and $30,000 would see a 10.4 percent decline, the report shows, while millionaires would get a 5.3 percent tax cut.
Unlike the House plan, the same trend holds up throughout the period over which the commission analyzed the Senate plan, Politico reported.
The House proposal would have a muddled impact on people in different income groups, the same commission found earlier this month.
The report didn’t include some provisions of the Senate plan unveiled last week, including its proposal to ease the estate tax, which would benefit the wealthy, Politico reported.
© 2024 Newsmax. All rights reserved.